...

[NorrisK]

For now small transaction fees are fine I guess, as blocks reward quite substantial amounts of bitcoin. In the future, the fees will probably increase also because of competition to get your transacetion published.

[Herbert2020]

this is so nice. i think it will specially look good for newbies that are interested in lowest fees possible.
also this way micro payments are going to become much cheaper. the faucet owners must be so happy right now

[fox19891989]

I used to pay 0.0001 BTC for every transaction in my old Bitcoin QT, which added up to about 0.11 BTC. Not a huge deal but still money.

0.10.2 Bitcoin QT only charges me ~0.0000025 BTC for small transactions up to ~0.000008 for a fairly large transaction, so around 1/10th of a cent per transaction, essentially nothing. It will take months to spend $1 in transaction fees even if I'm busy.

I know the protocol wasn't changed, so it seems most of us have been overpaying for years.

It is good for bitcoin cos people can save money on transaction fees, and more and more users pay lower fees, so it is beneficial for btc circulation.

And we will pay less withdrawal fee cos the transaction fees are lowered, especially the users for exchanges, casinos and so forth.

Overall, lowered btc will attract more people cos BTC international transaction is good enough and much better than bank, it is time to let everyone know the advantages of btc. BTC to da moon

[odolvlobo]

I used to pay 0.0001 BTC for every transaction in my old Bitcoin QT, which added up to about 0.11 BTC. Not a huge deal but still money.

0.10.2 Bitcoin QT only charges me ~0.0000025 BTC for small transactions up to ~0.000008 for a fairly large transaction, so around 1/10th of a cent per transaction, essentially nothing. It will take months to spend $1 in transaction fees even if I'm busy.

I know the protocol wasn't changed, so it seems most of us have been overpaying for years.

It is good for bitcoin cos people can save money on transaction fees, and more and more users pay lower fees, so it is beneficial for btc circulation.

It is bad for bitcoin because the transaction fees pay for the security of the network. You get what you pay for.

[valkir]

Transaction fees are only 0.5% of miner revenue, so it is a myth that lowering fees will affect miners. The transaction fees are simply a little bonus.

I think you miss something. The fee are there to replace the bitcoin when block will give 0 btc.

This is why fee are important. People that want to save on fee dont understnad 100% how bitcoin work.

In Q1 2016 the block will be halving and miner will reveive only 12.5 btc if the fee do not follow then a lot of miner will stop.

We have enough power to protect the network but if more and more miner stop the security could be in danger.

So rethink your idea of fee and think for the future. 

[BCwinning]

I dont pay any fees with cash 

[valkir]

ahahah good one. You have all your cash in paper and never use any bank??

No cc or bank account?

You paid your house cash, car cash ?? really?

Not sure 

[victoryboy]

I was using Bitcoin desktop client even before this news and fee was variable but if now fee is more reduced this is a very good what could happened indeed.I didn't make any transaction yet to see how really it works now.

[BCwinning]

ahahah good one. You have all your cash in paper and never use any bank??

No cc or bank account?

You paid your house cash, car cash ?? really?

Not sure  

yes actually I do, Car was paid for in cash. House was financed but that was long ago and my next one will be paid in cash as well.
Cut my CC up years ago.
but I do have a bank account though and don't pay any fees to it either.
Some bills are just cheaper to pay through that account. No stamps to buy, no envelope to buy.
Deposit money, pay bill, no extra fees
Why should I pay fees to "buy" money and pay fees to spend money?
Cash is working great here.

[anderson00673]

Transaction fees are only 0.5% of miner revenue, so it is a myth that lowering fees will affect miners. The transaction fees are simply a little bonus.

I think you miss something. The fee are there to replace the bitcoin when block will give 0 btc.

This is why fee are important. People that want to save on fee dont understnad 100% how bitcoin work.

In Q1 2016 the block will be halving and miner will reveive only 12.5 btc if the fee do not follow then a lot of miner will stop.

We have enough power to protect the network but if more and more miner stop the security could be in danger.

So rethink your idea of fee and think for the future. 

I think also the idea is that transaction volume will hopefully go up over time, and with higerh volume fees can stay the say or even drop.  I think fees are currently pretty reasonable compared to alternatives like paypal.  Especially if you are sending larger transactions.

[valkir]

ahahah good one. You have all your cash in paper and never use any bank??

No cc or bank account?

You paid your house cash, car cash ?? really?

Not sure  

yes actually I do, Car was paid for in cash. House was financed but that was long ago and my next one will be paid in cash as well.
Cut my CC up years ago.
but I do have a bank account though and don't pay any fees to it either.
Some bills are just cheaper to pay through that account. No stamps to buy, no envelope to buy.
Deposit money, pay bill, no extra fees
Why should I pay fees to "buy" money and pay fees to spend money?
Cash is working great here.

Well you are lucky man. And sending cash over sea?

Anyway dont want to argue for no reason. If you dont understnad the importance of fee in bitcoin than you dont understand bitcoin. 

The fee are so small I dont understand why people still want to reduce.

[sniveling]

I think we can set our own transaction fees, so no need to lowering current transaction fees since it's already low
But, of course miners will prioritize transaction with bigger transaction fees

Also, which one is the default transaction fees, 0.0001BTC or 0.0001BTC/KB
Few wallet such as electrum use 0.0001BTC/KB

Version 0.10.0 uses a different fee structure to earlier versions and other wallets like electrum have their own fee systems. The default transaction fees are complicated in the latest version, they are free below 1,000 bytes and 0.0001 BTC per thousand bytes after that, but with a few other rules.

https://en.bitcoin.it/wiki/Transaction_fees

A transaction may be safely sent without fees if these conditions are met:

It is smaller than 1,000 bytes.
All outputs are 0.01 BTC or larger.
Its priority is large enough (see the Technical Info section below)
Otherwise, the reference implementation will round up the transaction size to the next thousand bytes and add a fee of 0.1 mBTC (0.0001 BTC) per thousand bytes[1].

[Gyfts]

I guess this would only apply to those that haul a metric ton of BTC from address to address. I still pay the normal fee and I don't really have a problem with it. I could adjust it if needed but it's not necessary. It would make my already small transactions longer to confirm.

[unamis76]

Nevermind, Bitcoin QT 0.10.2 is garbage. It managed to destroy itself and won't open anymore. I downloaded it within the past week and its already managed to fall off the right blockchain, so the 0.16 BTC in there will be 0 if I have to resynch. Really unbelievable that this is called a stable release.  

Even if I rebuild it I have zero confidence in it.

They w0on't be 0: just backup your wallet.dat and/or have your private keys in a safe place!

As for fees, it doesn't bother me. I like to pay high fees normally, unless I'm transacting really small amounts...

[Jeremycoin]

I thought just MultiBit that has a 0.0001 transaction fees
Do you guys know how much fees in Blockchain.info? Because if I use Blockchain.info it feels like there is no fee

[BitcoinNewbie15]

Thats very interesting that the fees can be lowered with the new Bitcoin core. I did not think about something like this before. Its nice to have some different options.

[ranochigo]

Bitcoin transaction fee is related to the data traffic, not the amount of coins transacted, so it is more favorable for large transactions than small transactions

thats make sense for me, now i understand why when i used faucets ( lot of small incoming transactions to one address ) i need to pay more fees.

I don't think thats correct. If you send the transaction, you will see lots of inputs to that transaction. The number of input and output corresponds to the size. When using faucets, faucets will send lots of small payments over a period of time to your address. If you want to spend the entire balance, you have to spend all the UXTO which is quite alot. If the size is bigger, you have to use more fees but the fees per kb should be reasonable.

[Amph]

Nevermind, Bitcoin QT 0.10.2 is garbage. It managed to destroy itself and won't open anymore. I downloaded it within the past week and its already managed to fall off the right blockchain, so the 0.16 BTC in there will be 0 if I have to resynch. Really unbelievable that this is called a stable release.  

Even if I rebuild it I have zero confidence in it.

when those problems happen usually is the os system that has something wrong, maybe some corrupted files because of multiple bsod, or something like that, otherwise bitcoin should always work like a charm, minus, some times, the random hanging at the launch of the client, it has something to do with the node, probably....

Thats very interesting that the fees can be lowered with the new Bitcoin core. I did not think about something like this before. Its nice to have some different options.

yeah but not advisable, so a bit of a pointless feature, but i guess if you are really poor in bitcoin, it could come in hand